Under Armour 2015 Annual Report Download - page 80
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10. Provision for Income Taxes
Income before income taxes is as follows:
Year Ended December 31,
(In thousands) 2015 2014 2013
Income before income taxes:
United States $272,739 $269,503 $196,558
Foreign 113,946 72,707 64,435
Total $386,685 $342,210 $260,993
The components of the provision for income taxes consisted of the following:
Year Ended December 31,
(In thousands) 2015 2014 2013
Current
Federal $102,317 $110,439 $ 85,542
State 27,500 24,419 19,130
Other foreign countries 28,336 16,489 13,295
158,153 151,347 117,967
Deferred
Federal 707 (15,368) (14,722)
State (5,703) (4,073) (5,541)
Other foreign countries 955 2,262 959
(4,041) (17,179) (19,304)
Provision for income taxes $154,112 $134,168 $ 98,663
A reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate is as
follows:
Year Ended December 31,
2015 2014 2013
U.S. federal statutory income tax rate 35.0% 35.0% 35.0%
State taxes, net of federal tax impact 3.2 3.8 2.4
Unrecognized tax benefits 3.4 1.9 2.5
Nondeductible expenses 2.2 1.0 1.1
Foreign rate differential (5.5) (4.5) (4.8)
Foreign valuation allowance 2.7 2.5 1.5
Other (1.1) (0.5) 0.1
Effective income tax rate 39.9% 39.2% 37.8%
The increase in the 2015 full year effective income tax rate, as compared to 2014, is primarily due to
increased non-deductible costs incurred in connection with the Company’s Connected Fitness acquisitions in
2015.
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